XBRL and its Role in Complying With MBRS Requirements in Malaysia
The introduction to XBRL in November 2018 helped companies across Malaysia to shift towards digital reporting. Similar to the CIPC mandate in South Africa, the ESMA mandate in Europe, and the ACRA mandate in Singapore, SSM requires public and private companies to file their annual reports in the XBRL format. To streamline the process and exchange of financial information, SSM introduced MBRS (Malaysian Business Reporting System), an XBRL-based submission platform.
Since the XBRL mandate in Malaysia is just around the corner, it is important to understand the role of XBRL in complying with MBRS requirements. Read on to find out.
XBRL and MBRS Requirements
The introduction of XBRL and MBRS has made compliance reporting easy with SSM in Malaysia. Here’s how:
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Facilitates Submission of Annual Financial Statements
MBRS is a digital submission platform based on the XBRL format. The MBRS system allows easy submission of XBRL financial statements and reports, annual returns, and exemption applications, following the compliance requirements of SSM. With XBRL and MBRS, the submission of these documents can be submitted in only a few clicks, making the process far less complicated than over-the-counter filing.
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Less Scope of Mistakes and Errors
One of the major advantages of submitting financial statements in XBRL format is fewer errors and mistakes. The MBRS system includes XBRL taxonomy and tagging compliances laid down by SSM, along with quality checks to ensure all errors are pointed out and corrected before the final electronic submission.
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Improves Transparency in Business Information
One of the primary reasons for adopting XBRL is to ensure greater transparency in business information. The XBRL format in MBRS filing brings structure to business information and offers machine-readability, leaving no room for misinterpretations. Moreover, information in XBRL format submitted through MBRS is a permanent record, allowing comparison of data as and when required.
mTool – Helps Companies File XBRL Reports in Compliance With MBRS Requirements
Ease and accuracy are the key parameters that make companies prefer XBRL filing through the MBRS platform. mTool, or the preparation tool, is the most important aspect of MBRS filing that enables error-free compliance with SSM. Even beginners can use the tool effortlessly to ensure a streamlined reporting process.
Make Your Way Towards MBRS Filing by Outsourcing XBRL Requirements
From preparing financial statements and filing payments to adding a digital signature and submitting reports, the MBRS system has standardised the complete reporting process in Malaysia. With the MBRS system, you can ensure optimum resource utilisation and accurate reporting for your company.
You can ensure submitting error-free reports post-XBRL mandate by outsourcing your XBRL filing to a trusted vendor like DataTracks. With 18+ years of experience in the industry, DataTracks has become a global leader in XBRL compliance reporting. The experts at the company have prepared 348,000+ compliance reports for more than 23,400 clients in 26 countries. So get in touch with a DataTracks expert at +60-392-126-125 or email @enquiry@datatracks.my TODAY to know more about their services!